BEIJING - China's leading construction machinery maker, XCMG Construction Machinery Co Ltd, said Wednesday it plans to float shares in Hong Kong.

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The company made the announcement in a statement filed with the Shenzhen Stock Exchange.

The IPO will be less than 20 percent of the company's total equity after the offering.

Proceeds from the offering will be used to promote research, expand international businesses, replenish current funds and optimize capital structure.